S&P500 day trading course Daily chart pre market.

S&P500 day trading course Daily chart pre market

1080 was the Daily Point of Control for Friday and we closed above it.  It was a light volume day with a small bullish range.

The world cup probably had a major effect as most of the trading houses were watching the game.

1087.75 is the 200 EMA which professional traders use as a basis for congestion between here and the 200MA which is coming close tot he 1100 Mark.  I am expecting a test up.  If we close above the 200 MA then looking for a futher move to the 1139.25  resistance.  It seems that we are completely missing a high volume rally and that most of the market makers are in short term positions probably hedging into all buys.

Summer seems to be setting in, I hope we don’t see a summer volume drop off.

S&P500 day trading course 30 min chart

S&P500 day trading course 30 min

as mentioned yesterday looking for the close around the 1198 to 1200.

May 4 S&P500 day trading could be support around the 1188.25 area.  Resistance into 1202.50 to 1208 area.

1208.75 is where price can break free for a move up.  Most likely will stay consolidated if it breaks through 1202.50.

Point of Control is 1197.50 for Tuesday.  Expecting the S&P500 to close at yesterdays opening levels to maybe signal the second part of the move down.

Problem again of low volume and the market floats up on low volume.  If we get some selling pressure we could see 1179.75 showing some cracks in the support for possible future sell off.

S&P500 day trading course video live trading room]

Levels of support and resistance
no capitulation
Small sell of followed by short covering at 3:00